How can Robotic Process Automation advances the Insurance Industry? InsurTech solution providers are constantly looking for the next best way to improve enterprise service and solution delivery offerings for administration processes such as distribution management, compensation, and policy administration.
The success of Insurance CRM Software can be seen in its ROI. In sales circles, ROI is defined as saving the client money, saving the client time, or increasing revenue. The ROI in CRM directly linked to increasing revenue.
A few odds and ends that revolved around commissions and compensation management is how much insurance companies pay in commissions to producers. Across the board, commissions in insurance have a historic average rate of 10%. That’s for life and annuities, property and casualty, and health.
Because VUE Software offers the only Distribution Management Platform that fully manages all aspects of distribution we have a perspective that is somewhat unique. Our experience shows that carriers in all insurance segments—life/annuities, property and casualty, and health—are addressing distribution as a significant part of their overall business strategy and are willing to invest in improving their distribution strategies.
The 2018 SILA Education Conference officially kicked off on Sunday, September 30, 2018 with the Exhibitor Fair & Welcome Reception. The VUE Software booth saw a lot of traffic and the VUE team was excited to chat with all the folks that stopped by. The Regulatory Exchange sessions provided regulatory responses to pain points in the industry that can be changed for better efficiency and processing.
VUE Software offers a robust and automated tools engine—VUE Health & Benefits Billing—that allows insurers and third-party administrators to deliver online billing efficiently. VUE Health & Benefits Billing for Individual, Group and Voluntary; Online Billing and Collections Management to helps Insurers, TPAs with Compensation Payout Process
As a licensed agent or producer, the requirements include bi-annual continuing education for licensure, annual carrier certification, product trainings, and AHIP/FFM. The producers must go through a re-certification process for each carrier with which they are contracted.
As for Tesla, the insurance companies that were asked to insure the Tesla cars did not have any knowledge of the true cost to insure the cars for this simple reason: they had no idea of the cost to repair the cars. With insurance companies not having any idea of the potential cost to repair a Tesla against a variety of accident scenarios, they began to guess the cost of repair.
With the eruption of the Kīlauea volcano that caused devastation in Hawaii, and meteorologists predicting a more active than normal 2018 Hurricane season, insurers need to be prepared and informed of the rules that govern declared catastrophes if they intend to use Emergency Independent Adjusters to process claims. In the event of a declared catastrophe,… Read more »
I have spent the last 20 years or so watching and helping in the evolution of CRM (Customer Relationship Management). The journey began while at the largest telecommunications company on the planet, running a team of seasoned architects. Our purpose was to map out the long-term application strategy for the infrastructure. During one of our… Read more »